The apex bank of india popularly called the Reserve bank of India have proposed a law which when effected would see a total ban of Cryptocurrency in india. India Government have had countless sleepless nights since the growing popularity of the cryptocurrency trading. The country had also mouthed high taxing of the digital currency even upto 18% of profit.
This latest move is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions a move which angered a lot of experts, FinTech Start-ups and investors.
What you should know.
There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban was however lifted by the country’s Supreme Court in March 2020. According to some insider sources, the ban would not be imposed overnight, as in the case of Nigeria. Instead, investors would be given three to six months to liquidate their investments.
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